Wealth
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The Wealthy World of Trusts: A Focus on Nevada
The Murdoch family feud unfolding in a Nevada court has brought to light the state’s growing reputation as a hub for family trusts and the super-rich. Nevada is now considered the top state in the country for asset-protection trusts due to its combination of unique factors such as no income taxes, strong creditor protections, and…
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The Next Big Money Makers: Generation X
A recent study sheds light on the impending Great Wealth Transfer, a phenomenon where trillions of dollars are expected to change hands from one generation to the next. While it is commonly believed that millennials and Generation Z will be the primary beneficiaries of this transfer, the study reveals that Generation X is actually poised…
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Empowering the Next Generation Through Innovative Wealth Management
At the tender age of 13, Christina Lewis was faced with complexities that most teenagers could never fathom. The tragic loss of her father, Reginald Lewis, the founder of TLC Beatrice International, left her in a world of sudden inheritance and perplexing financial decisions. The introduction to wealth management at such a young age set…
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The Current Wealth Landscape: A Critical Analysis
The United States has seen a striking rise in the number of millionaires, outpacing the rest of the world. In 2023 alone, the U.S. added a staggering 600,000 new millionaires, bringing the total millionaire population to 7.5 million. This exponential growth has been attributed to various factors such as the rebound of the stock market,…
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Housekeepers in High Demand in Palm Beach
The migration of wealthy individuals from high-tax states to Florida has created a booming demand for household staff in exclusive areas such as Palm Beach. Staffing companies are reporting a surge in the need for butlers (now referred to as “hospitality managers” or “estate managers”), nannies, chefs, drivers, and personal security. Despite the high demand…
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Protecting Family Offices from Cyberattacks
Family offices are facing a significant increase in cyberattacks, with 79% of North American family offices acknowledging that the likelihood of a cyberattack has escalated in recent years. This data comes from a survey conducted by Dentons, a global law firm, which also revealed that a quarter of family offices experienced a cyberattack in 2023,…
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Richemont’s Record Sales Boost Shares Despite Asian Slowdown
Richemont, the Swiss luxury group, saw its shares jump by 6.3% after announcing record full-year sales. Despite a decline in spending in Asia-Pacific, the company reported a 3% increase in group sales to an impressive 20.6 billion euros. This growth pushed the shares to an all-time high, demonstrating the resilience of the company even in…
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The Rise of Millionaires in Shenzhen: A Promising Future Ahead
Shenzhen, often referred to as China’s Silicon Valley, has seen an impressive surge in millionaires over the past decade. According to a recent report by New World Wealth and Henley & Partners, Shenzhen recorded a remarkable 140% growth in millionaire count, far outpacing other first-tier cities in China such as Beijing and Shanghai. This exponential…
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The Hidden Struggles of the Super Rich
For many, the idea of being incredibly wealthy brings to mind a life free of worry and full of luxury. However, the reality is often far from that image. According to therapists who work with the super-rich, individuals in this category frequently struggle with feelings of isolation, depression, and paranoia. Despite their financial abundance, many…
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The Decline in Art Auction Sales Signals a Shift in the Market
The art market is experiencing a noticeable shift as auction houses prepare for their upcoming May sales. It is anticipated that the total sales at auction houses such as Christie’s, Sotheby’s, and Phillips will amount to $1.2 billion, which is an 18% decrease from the previous year. This decline follows a trend that began after…